Maritime Law The value of many shipments depends upon fluctuations in the currency rates, freight, handling charges, and other expenses. By means of insurance protection will be provided to goods from any uncontrollable variables. A contract of Marine Insurance is defined by section 7 of the Marine Insurance Act of 1909 as: "A contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby agreed, against marine losses, that is to say, the losses incident to marine adventure." The purpose of marine insurance is to provide protection against financial loss for an amount, which is as close as possible to the actual loss recognized. Marine insurance is a contract by which one party for a specified consideration promises to pay another party a sum of money on the loss of goods that are subject to marine transport. Therefore marine insurance is....

Number Of Pages: 4

Number Of Words: 856

Got a term paper due soon and need some help quick? You have come to the right place. Essay Galaxy has over 50,000 essays, papers, and reports available for download right now! Get ideas from thousands students just like you to help make that essay perfect. Don't hesitate. Join today and get instant access to our enormous database.

Membership Options Price Savings   1 month subscription    $19.95 recurring * 3 months subscription    $39.95 recurring $19.90 6 months subscription    $69.95 non-recurring $49.75